Illegal Foreign Exchange and Money Laundering in Ethiopia

The National Intelligence and Security Service and the National Bank have announced that they will take further action by identifying actors involved in illegal foreign exchange and money laundering.

An extensive study conducted by the National Intelligence and Security Service on money laundering and illegal foreign exchange activities was announced on Mar 30, 2023 in the presence of various stakeholders.

The Governor of the National Bank, the President of the Commercial Bank of Ethiopia, the heads of various government institutions, commissioners, and the heads of security and security institutions and stakeholders participated in the forum.

According to the statement given by the service office, the research presented at the forum was an in-depth survey of the problems in the sector as well as the experiences of various foreign countries. In the study, it was pointed out that illegal money transfers and illegal foreign exchange markets are exposing the country to grave danger by weakening the country’s economy, increasing the cost of living, and spreading corruption.

The study indicated that leaders and experts of governmental and private institutions as well as foreign nationals are involved in illegal activities. He pointed out that the illegal benefit network extended from foreign countries to the central country is supported by brokers, organizations, companies, and even the banking system.

What is Said about Illegal Foreign Exchange and Money Laundering

The general director of the National Intelligence and Security Service, Mr. Temesgen Tiruneh, said that illegal money laundering and illegal foreign currency trading is a national danger that is challenging the country’s existence and public interest, and the service office is working with special attention.

He urged that all governmental and non-governmental institutions, the business community, and the people should work in cooperation and coordination to solve the problem from the ground up.

Mr. Temesgen Tiruneh also stated that coordinated action will be taken continuously with the relevant stakeholders in the areas, institutions, and individuals identified in the study and where the problem is widely noticed.

The director stressed that security and safety institutions, financial institutions, legal bodies, and all the relevant sections of society should work together in the fight to control illegality and save the existence of the country and the people.

He pointed out that the National Intelligence and Security Service will work diligently until the problem is solved by coordinating with the National Bank and involving other bodies.

Mr. Mamo Mihretu, the governor of the National Bank, who was present at the forum stated that illegal money transfers and illegal foreign currency trading have hindered the bank from being able to control inflation and properly manage the acquisition of foreign currency. and that special efforts are being made to solve the problem from the ground up.

National Bank Governor  Mr. Mamo Mihretu said that it was discovered that not only foreign currency but also the movement of silver notes were being used for unwanted purposes by moving them outside the banking system.

The participants of the forum, including the governor of the National Bank, who discussed the research presented, expressed their gratitude to the service office as the research presented in general indicated the problem, the actors of the problem, and the solutions.